New Ibrox investor wants boardroom clearout
Prior- who is believed to have an IQ off the radar- announced his intention to buy shares in the stricken club in Thursday’s Daily Record and now owns 1.2% of the club after splashing out £400,000.
Blue Pitch Holdings are still waiting to hear when an EGM will be held to elect Chris Morgan and James Easdale to the board with Prior also angling for a place in the Blue Room.
New chairman Walter Smith has expressed his desire to lead a unified board but the arrival of Prior through the Daily Record is likely to increase boardroom in-fighting.
“I’m still waiting on a copy of the full accounts but from the papers I’ve seen in the last 24 hours executive renumeration is approximately £1.5m,” he told his favourite paper.
“I have good faith those figures are real and I’ll stand by those quotes.
“I find it astonishing a club in the Third Division has paid that amount of money to members of staff, including Mr Stockbridge.
“As a former banker I know the basic salary of managing directors on trading desks range from £100,000-£300,000.
“That’s in London and at Goldman Sachs, one of the most profitable institutions in the world and yet I see Mr Stockbridge and Charles Green have taken similar salaries from Rangers.
“Although Mr Stockbridge is finance director he is a chartered accountant by academic standards.
“He is earning in excess of £200,000, which is overvaluing your FD – and when bonuses match your salary, that seems ludicrous.”
Prior added: “I can see the argument for a chief executive, but why the hell should a bonus be paid for winning the Third Division to the FD? It would seem exploitative in nature, at best.
“We’re in a unique position at Rangers where we can grow the club and a stockpile of wealth so when we reach the pinnacle of the Scottish game again there is an opportunity to go straight back where we belong – at the top, nowhere else.
“I’m afraid money is being dwindled away, given the figures being bandied about.”
The Third Division champions have yet to release any audited accounts- fuelling rumours that most of the money raised in the Christmas share issue has been eaten up by running costs including £1m plus to the first team management with the combined wages of Lee McCulloch and Neil Alexander costing around £30,000 per week.
Asked for his view on the new club’s financial performance Prior warned: “It’s very precarious and if we don’t take the right decisions, based on solid corporate governance, for the good faith of the fans and club then we’re going to struggle.
“No one wants a fractious club. The ideal scenario would be reconstituting the board and also getting a fan elected.”
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